Metals X reported production of 887 tonnes of tin-in-concentrate from the Renison operation in Tasmania in the quarter to end-December, up from 192 tonnes in the previous quarter. Metals X re-started production at the Renison and Mt Bischoff mines and Renison concentrator in the middle of last year. The build up in production will continue in the current quarter, with January tin-in-concentrate output expected to be over 530 tonnes.
In a statement today the company said it “has reviewed its activities with reference to the sharp downturn in the commodity and financial markets and has reduced expenditure and outgoings on exploration and development projects until clarity and stabilization of debt, capital and metal markets return.” Cost cutting efforts included a change in mining methods at the Renison mine and the introduction of a low grade (20 – 35% Sn) concentrate circuit to improve mill recoveries.
Metals X confirmed that the Rentails tailings treatment project had been put on hold due to likely difficulties in financing its capital costs. The company reported negative operating cash flow of A$7.5 million in the quarter and ended the period with A$19 million in cash.
